AGRIBUSINESS: Senate Budget Goes To House

The Senate has sent its 2014 budget resolution to the House for consideration. This step was needed before the House could move to convene a conference committee to reconcile its budget with the Senate version. The two measures are very different and it’s unclear if the House GOP will even move to create a conference.

The House budget cuts spending by $4.6 trillion over 10 years in order to balance and includes large tax cuts. The Senate budget doesn’t balance and contains nearly $1 trillion in tax increases focused on the wealthy. Automatic spending cuts are turned off over nine years, replaced with different mandatory and discretionary cuts.

Aides say Senate Majority Leader Harry Reid could move as early as this week to create a conference committee. He has been waiting for Senate Budget Chair Patty Murray and House Budget Chair Paul Ryan to negotiate the parameters of a conference. Before a conference is convened, aides say Ryan wants a framework agreement to ensure the conference can accomplish something.